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UK Treasury seeks Head of CBDC as it explores digital pound options

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The UK Treasury is exploring CBDC and seeks a “Head of Central Bank Digital Currency” to lead the development of the country’s digital currency (Pound). The search was cited in a LinkedIn job posting and the role would fulfill the need for a consultation professional on the development of the digital asset by the country. 

Specifically, the job posting details reads that “the successful candidate will be responsible for leadership of HM Treasury’s work on a potential digital pound – a U.K. central bank digital currency (CBDC).” 

Consultation on the digital pound is soon to be issued by the government. However, the CBDC Chief will occupy the position of leading the Treasury, working with the Bank of England on digital currency. The Head of Central Bank Digital Currency role will be tagged under the Payments and Fintech Team which is separate from the existing crypto-assets and digital currencies offices. 

While still debating on the need for a digital pound, events in the crypto space last year, particularly those involving FTX, prompted Bank of England Deputy Governor Jon Cunliffe to conclude that there is a need for a digital pound. 

A recent survey by the Official Monetary and Financial Institutions Forum (OMFIF) shows that two-thirds of central banks are of the opinion that they would consider exploring CBDCs within 10 years. This stat confirms that countries around the world are considering the same course as the U.K. 

CBDCs are at the forefront of national debates in many countries, particularly among financial regulators, and are rapidly being considered by some countries. Countries like Bahamas, Nigeria, Eastern Caribbean, and Jamaica already issued  CBDCs while some others are on desk pushing for a digital version of their currencies. 

Will the adoption of CBDCs by countries impact crypto regulation?

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